Tag "Standard Chartered Bank"

The Central Bank of Nigeria (CBN) says it is reviewing the recent sanctions placed on MTN and four commercial banks.In a statement released on Wednesday, the apex bank said the parties involved have submitted fresh documents in response to the sanctions.CBN had ordered MTN to refund $8.1 billion which it claimed the company repatriated using irregular certificates of capital importation.It [...]

The Economic and Financial Crimes Commission (EFCC) has promised to investigate the raid on the head office of Standard Chartered Bank in Lagos, saying the officers involved would be "subjected to internal disciplinary measures".Wilson Uwujaren, spokesman of the agency, disclosed this in a statement issued hours after the raid.TheCable had reported how some officials of the anti-graft agency stormed the [...]

Officials of the Economic and Financial Crimes Commission (EFCC) stormed the headquarters of Standard Chartered Bank in Lagos on Friday.A source at the bank confirmed this to TheCable, saying some customers were escorted out of the premises located at Ahmadu Bello Way, Victoria Island, during the operation.Olasupo Shasore, former commissioner for justice in Lagos, said EFCC operatives were at the [...]

Standard Chartered Bank Nigeria Limited has denied committing any offence which could attract sanction from the Central Bank of Nigeria (CBN).Standard Chartered is among the four commercial banks that the apex bank fined for alleged breaches of foreign exchange regulations in connection with foreign currency remittances.The CBN had alleged improper dividend repatriations by MTN Nigeria and requested that $8.1 billion be [...]

The Central Bank of Nigeria (CBN) has debited the accounts of three banks in relation to the fine placed on them for allegedly helping MTN repatriate $8.1 billion illegally.In a notice sent to the Nigerian Stock Exchange (NSE), Stanbic IBTC said the deduction will not affect its capacity to handle clients’ requests or clients’ ability to continue to carry out [...]

Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.At the time of filing this report, the telecommunications company's shares [...]

The Central Bank of Nigeria (CBN) has ordered four banks to pay a total sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.The apex bank has also written to MTN, asking it to refund $8 billion to the coffers of the central bank.The affected banks [...]